CNCCentene Corporation

Health care · Health Insurance · NYSE

Our mission is to transform the health of the communities we serve, one person at a time. 10-K, Item 1

Employees: 61,100
Headquarters: St Louis, MO
Next results: around Feb 5, 2027

CNC and 9 peers, year by year

The 9 Health care companies closest to CNC in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Choose the peers

Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
CNC Centene Corporation	FY2025	$194.8B	+20.0%	7.3%	−3.9%	−3.4%	2.2%	−33.4%	0.88
ELV Elevance Health	FY2025	$199.1B	+12.5%	-	3.6%	2.8%	1.6%	12.9%	0.73
HUM Humana	FY2025	$129.7B	+10.1%	-	2.1%	0.9%	0.3%	6.7%	0.70
CAH Cardinal Health	FY2026	$254.2B	+14.2%	3.8%	1.0%	0.7%	1.8%	n/m	n/m
CI Cigna	FY2025	$274.9B	+11.2%	-	3.3%	2.2%	-	14.3%	0.74
JNJ Johnson & Johnson	FY2025	$94.2B	+6.0%	67.9%	-	28.5%	20.9%	32.9%	0.61
LLY Eli Lilly	FY2025	$65.2B	+44.7%	-	-	31.7%	-	77.8%	1.54
HCA HCA Healthcare	FY2025	$75.6B	+7.1%	-	-	9.0%	10.2%	n/m	n/m
COR Cencora	FY2025	$321.3B	+9.3%	3.6%	0.8%	0.5%	1.0%	103.1%	5.16
MRK Merck & Co.	FY2025	$65.0B	+1.3%	-	-	28.1%	19.0%	34.7%	0.94

Revenuepeer median $129.7B

Sales growthpeer median +10.1%

Gross marginpeer median 3.8%

JNJ 67.9%
CNC 7.3%
CAH 3.8%
COR 3.6%
ELV -
HUM -
CI -
LLY -
HCA -
MRK -

Operating marginpeer median 2.1%

ELV 3.6%
CI 3.3%
HUM 2.1%
CAH 1.0%
COR 0.8%
CNC −3.9%
JNJ -
LLY -
HCA -
MRK -

Net marginpeer median 2.8%

FCF marginpeer median 1.8%

JNJ 20.9%
MRK 19.0%
HCA 10.2%
CNC 2.2%
CAH 1.8%
ELV 1.6%
COR 1.0%
HUM 0.3%
CI -
LLY -

Return on equitypeer median 32.9%

Debt / equitypeer median 0.74

COR 5.16
LLY 1.54
MRK 0.94
CNC 0.88
CI 0.74
ELV 0.73
HUM 0.70
JNJ 0.61
CAH n/m
HCA n/m

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CNC Dec	$40.6B	$48.4B	$60.1B	$74.6B	$111.1B	$126.0B	$144.5B	$154.0B	$163.1B	$194.8B
ELV Dec	$84.9B	$90.0B	$92.1B	$104.2B	$121.9B	$138.6B	$156.6B	$171.3B	$177.0B	$199.1B
HUM Dec	$54.4B	$53.8B	$56.9B	$64.9B	$77.2B	$83.1B	$92.9B	$106.4B	$117.8B	$129.7B
CAH Jun	$121.5B	$130.0B	$136.8B	$145.5B	$152.9B	$162.5B	$181.3B	$205.0B	$226.8B	$222.6B
CI Dec	$39.8B	$41.8B	$48.6B	$153.6B	$160.4B	$174.1B	$180.5B	$195.3B	$247.1B	$274.9B
JNJ Dec	$71.9B	$76.5B	$81.6B	$82.1B	-	$78.7B	$80.0B	$85.2B	$88.8B	$94.2B
LLY Dec	$21.2B	$20.0B	$21.5B	$22.3B	$24.5B	$28.3B	$28.5B	$34.1B	$45.0B	$65.2B
HCA Dec	$41.5B	$43.6B	$46.7B	$51.3B	$51.5B	$58.8B	$60.2B	$65.0B	$70.6B	$75.6B
COR Sep	$146.8B	$153.1B	$167.9B	$179.6B	$189.9B	$214.0B	$238.6B	$262.2B	$294.0B	$321.3B
MRK Dec	$39.8B	$40.1B	$42.3B	$39.1B	$41.5B	$48.7B	$59.3B	$60.1B	$64.2B	$65.0B
Peer median	$54.4B	$53.8B	$56.9B	$82.1B	$99.5B	$83.1B	$92.9B	$106.4B	$117.8B	$129.7B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CNC Dec	+78.4%	+21.4%	+23.7%	+24.7%	+47.5%	+13.7%	+14.8%	+3.4%	+3.9%	+20.0%
ELV Dec	+7.2%	+6.1%	+2.3%	+13.1%	+16.9%	+13.8%	+13.0%	+9.4%	+3.3%	+12.5%
HUM Dec	+0.2%	−1.1%	+5.8%	+14.0%	+18.9%	+7.7%	+11.8%	+14.5%	+10.7%	+10.1%
CAH Jun	-	+6.9%	+5.3%	+6.4%	+5.1%	+6.2%	+11.6%	+13.0%	+10.7%	−1.9%
CI Dec	-	+4.9%	+16.4%	+216%	+4.5%	+8.5%	+3.7%	+8.2%	+26.6%	+11.2%
JNJ Dec	-	+6.3%	+6.7%	+0.6%	-	+13.6%	+1.6%	+6.5%	+4.3%	+6.0%
LLY Dec	+6.3%	+7.8%	+7.6%	+3.8%	+9.9%	+15.4%	+0.8%	+19.6%	+32.0%	+44.7%
HCA Dec	-	+5.1%	+7.0%	+10.0%	+0.4%	+14.0%	+2.5%	+7.9%	+8.7%	+7.1%
COR Sep	+8.0%	+4.3%	+9.7%	+6.9%	+5.7%	+12.7%	+11.5%	+9.9%	+12.1%	+9.3%
MRK Dec	-	+0.8%	+5.4%	+10.7%	+6.1%	+17.3%	+21.7%	+1.4%	+6.7%	+1.3%
Peer median	+6.8%	+5.1%	+6.7%	+10.0%	+5.9%	+13.6%	+11.5%	+9.4%	+10.7%	+9.3%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CNC Dec	-	-	-	-	-	11.5%	11.7%	11.5%	10.5%	7.3%
ELV Dec	-	-	-	-	-	-	-	-	-	-
HUM Dec	-	-	-	-	-	-	-	-	-	-
CAH Jun	5.4%	5.0%	5.2%	4.7%	4.5%	4.2%	3.6%	3.4%	3.3%	3.7%
CI Dec	-	-	-	-	-	-	-	-	-	-
JNJ Dec	69.7%	66.7%	66.8%	66.4%	-	70.3%	69.3%	68.8%	69.1%	67.9%
LLY Dec	-	-	-	-	-	-	-	-	-	-
HCA Dec	-	-	-	-	-	-	-	-	-	-
COR Sep	2.9%	3.0%	2.7%	2.9%	2.7%	3.2%	3.5%	3.4%	3.4%	3.6%
MRK Dec	-	-	-	-	-	-	-	-	-	-
Peer median	5.4%	5.0%	5.2%	4.7%	-	4.2%	3.6%	3.4%	3.4%	3.7%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CNC Dec	3.1%	2.5%	2.4%	2.4%	2.8%	1.4%	0.9%	1.9%	1.9%	−3.9%
ELV Dec	5.7%	4.6%	5.9%	5.8%	5.2%	5.5%	5.3%	5.0%	4.4%	3.6%
HUM Dec	3.2%	7.9%	5.4%	4.9%	6.5%	3.8%	4.1%	3.8%	2.2%	2.1%
CAH Jun	2.0%	1.6%	0.1%	1.4%	−2.7%	0.3%	−0.3%	0.4%	0.5%	1.0%
CI Dec	7.8%	9.4%	8.6%	5.3%	5.1%	4.6%	4.7%	4.4%	3.8%	3.3%
JNJ Dec	-	-	-	-	-	-	-	-	-	-
LLY Dec	-	-	-	-	-	-	-	-	-	-
HCA Dec	-	-	-	-	-	-	-	-	-	-
COR Sep	1.0%	0.7%	0.9%	0.6%	−2.7%	1.1%	1.0%	0.9%	0.7%	0.8%
MRK Dec	-	-	-	-	-	-	-	-	-	-
Peer median	3.2%	4.6%	5.4%	4.9%	5.1%	3.8%	4.1%	3.8%	2.2%	2.1%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CNC Dec	1.4%	1.7%	1.5%	1.8%	1.6%	1.1%	0.8%	1.8%	2.0%	−3.4%
ELV Dec	2.9%	4.3%	4.1%	4.6%	3.8%	4.4%	3.8%	3.5%	3.4%	2.8%
HUM Dec	1.1%	4.6%	3.0%	4.2%	4.4%	3.5%	3.0%	2.3%	1.0%	0.9%
CAH Jun	1.2%	1.0%	0.2%	0.9%	−2.4%	0.4%	−0.5%	0.2%	0.4%	0.7%
CI Dec	4.7%	5.4%	5.4%	3.3%	5.3%	3.1%	3.7%	2.6%	1.4%	2.2%
JNJ Dec	23.0%	1.7%	18.8%	18.4%	-	26.5%	22.4%	41.3%	15.8%	28.5%
LLY Dec	12.9%	−1.0%	15.0%	37.3%	25.2%	19.7%	21.9%	15.4%	23.5%	31.7%
HCA Dec	7.0%	5.1%	8.1%	6.8%	7.3%	11.8%	9.4%	8.1%	8.2%	9.0%
COR Sep	1.0%	0.2%	1.0%	0.5%	−1.8%	0.7%	0.7%	0.7%	0.5%	0.5%
MRK Dec	9.8%	6.0%	14.7%	25.2%	17.0%	26.8%	24.5%	0.6%	26.7%	28.1%
Peer median	4.7%	4.3%	5.4%	4.6%	4.8%	4.4%	3.8%	2.6%	3.4%	2.8%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CNC Dec	$1.5B	$1.1B	$559.0M	$753.0M	$4.6B	$3.3B	$5.3B	$7.3B	−$490.0M	$4.3B
ELV Dec	$2.7B	$3.4B	$2.6B	$5.0B	$9.7B	$7.3B	$7.2B	$6.8B	$4.6B	$3.2B
HUM Dec	$1.4B	$3.5B	$1.6B	$4.5B	$4.7B	$920.0M	$3.5B	$3.0B	$2.4B	$375.0M
CAH Jun	$2.5B	$797.0M	$2.4B	$2.4B	$1.6B	$2.0B	$2.8B	$2.4B	$3.3B	$1.9B
CI Dec	$3.6B	$3.6B	$3.2B	$8.4B	-	-	-	-	-	-
JNJ Dec	$15.5B	$17.8B	$18.5B	$19.9B	-	$19.8B	$17.2B	$18.2B	$19.8B	$19.7B
LLY Dec	-	-	-	-	-	-	-	-	-	-
HCA Dec	$2.9B	$2.4B	$3.2B	$3.4B	$6.4B	$5.4B	$4.1B	$4.7B	$5.6B	$7.7B
COR Sep	$2.7B	$1.0B	$1.1B	$2.0B	$1.8B	$2.2B	$2.2B	$3.5B	$3.0B	$3.2B
MRK Dec	$8.8B	$4.6B	$8.3B	$10.1B	$5.8B	$8.7B	$14.7B	$9.1B	$18.1B	$12.4B
Peer median	$2.8B	$3.5B	$2.9B	$4.8B	$5.2B	$5.4B	$4.1B	$4.7B	$4.6B	$3.2B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CNC Dec	3.8%	2.2%	0.9%	1.0%	4.2%	2.6%	3.6%	4.7%	−0.3%	2.2%
ELV Dec	3.2%	3.8%	2.8%	4.8%	7.9%	5.2%	4.6%	3.9%	2.6%	1.6%
HUM Dec	2.6%	6.6%	2.7%	7.0%	6.1%	1.1%	3.7%	2.8%	2.0%	0.3%
CAH Jun	2.1%	0.6%	1.7%	1.6%	1.0%	1.2%	1.5%	1.2%	1.4%	0.8%
CI Dec	8.9%	8.6%	6.7%	5.5%	-	-	-	-	-	-
JNJ Dec	21.6%	23.3%	22.7%	24.3%	-	25.1%	21.5%	21.4%	22.3%	20.9%
LLY Dec	-	-	-	-	-	-	-	-	-	-
HCA Dec	7.0%	5.5%	6.8%	6.7%	12.4%	9.2%	6.9%	7.2%	8.0%	10.2%
COR Sep	1.8%	0.7%	0.6%	1.1%	1.0%	1.0%	0.9%	1.3%	1.0%	1.0%
MRK Dec	22.0%	11.4%	19.6%	25.7%	14.0%	17.8%	24.8%	15.2%	28.2%	19.0%
Peer median	5.1%	6.0%	4.8%	6.1%	7.0%	5.2%	4.6%	3.9%	2.6%	1.6%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CNC Dec	9.5%	12.1%	8.2%	10.5%	7.0%	5.0%	5.0%	10.5%	12.5%	−33.4%
ELV Dec	9.8%	14.5%	13.1%	15.2%	13.8%	17.1%	16.3%	15.2%	14.5%	12.9%
HUM Dec	5.7%	24.9%	16.6%	22.5%	24.5%	18.2%	18.3%	15.3%	7.4%	6.7%
CAH Jun	21.8%	18.9%	4.2%	21.5%	n/m	34.1%	n/m	n/m	n/m	n/m
CI Dec	13.6%	16.3%	6.4%	11.3%	16.8%	11.4%	15.0%	11.2%	8.4%	14.3%
JNJ Dec	23.5%	2.2%	25.6%	25.4%	-	28.2%	23.4%	51.1%	19.7%	32.9%
LLY Dec	19.5%	−1.8%	32.9%	n/m	109.8%	62.2%	58.6%	48.6%	74.2%	77.8%
HCA Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
COR Sep	67.1%	17.7%	56.5%	29.7%	n/m	n/m	n/m	n/m	n/m	103.1%
MRK Dec	9.8%	7.0%	23.3%	38.0%	27.9%	34.2%	31.6%	1.0%	37.0%	34.7%
Peer median	16.6%	15.4%	19.9%	22.5%	24.5%	28.2%	20.8%	15.3%	17.1%	32.9%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CNC Dec	0.81	0.70	0.63	1.10	0.65	0.71	0.76	0.70	0.71	0.88
ELV Dec	0.63	0.75	0.66	0.62	0.61	0.64	0.67	0.64	0.76	0.73
HUM Dec	0.38	0.50	0.60	0.47	0.49	0.78	0.73	0.72	0.72	0.70
CAH Jun	0.85	1.65	1.49	1.27	3.79	3.48	n/m	n/m	n/m	n/m
CI Dec	-	0.40	1.00	0.72	0.61	0.70	0.63	0.64	0.73	0.74
JNJ Dec	0.41	0.60	0.55	0.47	-	0.48	0.54	0.45	0.54	0.61
LLY Dec	0.74	1.09	0.99	5.80	2.90	1.86	1.53	2.35	2.37	1.54
HCA Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
COR Sep	1.97	1.67	0.11	1.49	n/m	n/m	n/m	10.40	7.69	5.16
MRK Dec	0.62	0.71	0.94	1.02	1.26	0.87	0.67	0.93	0.80	0.94
Peer median	0.63	0.73	0.80	0.87	0.93	0.78	0.67	0.72	0.76	0.74

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CNC Dec	$1.71	$2.34	$2.26	$3.14	$3.12	$2.28	$2.07	$4.95	$6.31	−$13.53
ELV Dec	$9.21	$14.35	$14.19	$18.47	$17.98	$24.95	$24.28	$25.22	$25.68	$25.21
HUM Dec	$4.07	$16.81	$12.16	$20.10	$25.31	$22.67	$22.08	$20.00	$9.98	$9.84
CAH Jun	$4.32	$4.03	$0.81	$4.53	−$12.61	$2.08	−$3.37	$1.26	$3.45	$6.45
CI Dec	$7.19	$8.77	$10.54	$13.44	$22.96	$15.75	$21.41	$17.39	$12.12	$22.18
JNJ Dec	$5.93	$0.47	$5.61	$5.63	-	$7.81	$6.73	$13.72	$5.79	$11.03
LLY Dec	$2.58	−$0.19	$3.13	$8.89	$6.79	$6.12	$6.90	$5.80	$11.71	$22.95
HCA Dec	$7.30	$5.95	$10.66	$10.07	$10.93	$21.16	$19.15	$18.97	$22.00	$28.33
COR Sep	$6.32	$1.64	$7.53	$4.04	−$16.65	$7.39	$8.04	$8.53	$7.53	$7.96
MRK Dec	$1.41	$0.87	$2.32	$3.81	$2.78	$5.14	$5.71	$0.14	$6.74	$7.28
Peer median	$5.93	$4.03	$7.53	$8.89	$8.86	$7.81	$8.04	$13.72	$9.98	$11.03

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out CNC and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on CNC in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CNC/export.csv") into a cell.